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VANCOUVER, Aug. 23 /CNW/ - Dauntless Capital Corp. (TSX-V:DTL.P) ("Dauntless") is pleased to provide this update regarding its proposed qualifying transaction with NZ Uranium, LLC ("NZU") pursuant to which NZU has agreed to grant Dauntless an exclusive option to earn interests in three properties located in McKinLey County, New Mexico, USA (the "Qualifying Transaction"), previously announced on May 27, 2010. Dauntless has now received conditional acceptance for the Qualifying Transaction from the TSX Venture Exchange (the "Exchange"), and a filing statement dated August 18, 2010 (the "Filing Statement") regarding the Qualifying Transaction has been filed on SEDAR (www.sedar.com). Closing of the Qualifying Transaction (the "Closing") is subject to certain conditions, including the final acceptance of the Exchange. The Closing is expected to take place on or about August 30, 2010.

Disclaimer for Forward-Looking Information

Statements in this press release regarding Dauntless which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as the statement that the Closing is expected to take place on or about August 30, 2010. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties such as the risk that the Closing may not occur for any reason. Actual results could differ materially from those currently anticipated in such statements due to factors including, but are not limited to the Exchange failing to grant final acceptance for the Qualifying Transaction for unforeseen reasons. Except as required by law, Dauntless does not intend to update any changes to such statements.

The TSX Venture Exchange has in no way passed upon the merits of the proposed Qualifying Transaction and has neither approved nor disapproved the contents of this news release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.